Pay Off 2.8% Mortgage? (See What They Did in Retirement)
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- เผยแพร่เมื่อ 16 ก.พ. 2024
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Are you grappling with the age-old question of whether to pay off your mortgage early or keep your money invested? 🏠💰 This video provides valuable insights into the pros and cons of each option, offering real-life examples and actionable advice to help you make the right decision for your financial future. Whether you're aiming for debt-free living or seeking higher returns through investments, this comprehensive guide has you covered. 🚀📈 #MortgageVsInvestment #FinancialDecisionMaking #DebtFreeLiving
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What’s your mortgage rate and what did you decide to do?
Having a paid for home and property tax exempt: PRICELESS!!!
To me, my 2.75% mortgage is just another monthly bill. You’re already paying real estate tax, fed/state tax, utilities, fuel, food, healthcare insurance, etc, etc. We actually pulled money out when we refinanced to pay for caregivers for my 89 year old mother. This avoided her doing a home equity loan that would have been between 9%-12% at the time.
Fantastic! Thanks for watching!
I'm 59 and we refinanced to a 30 yr fixed mortgage in 2021 at 2.6%. Our balance is around $145k. I have no qualms with carrying the balance. The PI is $629/month, but it's swamped by insurance and property taxes, which are close to $1k. The PI is a drop in the bucket. I could pay it off with a brokerage account, but see no benefit.
Great job! Thanks for watching!
2.85% 15-year mortgage. Paid it off 12 years early this Feb 2024. House appraised at 700K. I've never slept better and have never had more peace of mind. Both unexpected. Now I'm putting 6k a month away at 52 years old. this is in addition to my 401K and IRA's.
2.875% 30 year fixed. Been overpaying the principal ever since our first payment was due. Knocked years off the life of the mortgage in 3 years. We also have the Double Homestead exemption, Home owners who are 65 and older who make under 25k a year are property tax EXEMPT. 100% Disabled Veterans are PROPERTY TAX EXEMPT, Current Military are PROPERTY TAX EXEMPT. We will be totally property tax FREE in 6 years, As soon as we claimed the Double Homestead Exemption, Our property taxes were CUT ALMOST IN HALF.
Great! Thanks for watching!
The couple you described are doing very well financially and the mortgage payoff is for their own peace of mind. Realistically either way would’ve been a good decision.
For us, we refinanced on $135k in January 2021 with a low rate at 2.8% too. With inflation currently what it is I view the mortgage as a hedge against inflation. Heck I half expect to pay it off easily when I turn 65 (54 now) in degraded Biden bucks.
Well said. Thanks for watching!
I agree! I could pay off my 2.625% today, but I am keeping my money knowing that paying it off later with devalued money is an option.
Whoever this was would have been better off leaving that money in their savings account and renting their existing house using the cash flow to offset the new mortgage on a new house I have three rental properties all fixed low interest sub 3%. My new primary house is fixed VA loan 6% interest fix 30 years. My cash flow on all properties leaves me with the remaining balance of $300 a month on my primary home left to pay. My intentions are to build my 150k reserves of savings which I have in high yield savings accounts and come the end of the year reduce my primary mortgage to a balance of 200,00 and refinance as the economy softens lowering my monthly mortgage substantially . Once this occurs all properties will cash flow paying off my primary mortgage as well as cash flow on top to live comfortably until mortgages are paid off in my mid-50s
Thanks for watching!
Simple interest earned on a savings account is not the same as apr for mortgage or amortization stop having people think it is aligned it is not. That 5 percent u make is no where close to apr % u pay even if it is 2.5 %
the numbers 5 percent saving account u make 500 a year on 10k
2.5 apr on mortgage say u owe 100k u pay 500 a month mortgage 200 a month is interest so in a year u pay 6k and 2500 go to interest that is more like 40 percent in interest a year
open ur eyes the numbers dont add up
10% penalty one time, or 3-7% annually? typically, the 10% fee is cheaper within a couple years.